The Central Bank of Syria announced the signing of a strategic partnership agreement with Visa, the global leader in digital payments, aimed at establishing an integrated digital payments ecosystem in Syria. The agreement marks a major step in accelerating Syria’s integration into the global digital economy, enhancing transparency, and empowering both citizens and the business sector.
Building a Secure and Modern Infrastructure
Under the agreement, the first phase will focus on collaboration with licensed financial institutions to create a secure and reliable payments infrastructure. This includes issuing local payment cards that meet international standards and enabling digital wallets to ensure security and interoperability with global systems. This technological foundation will support the phased expansion of Syria’s digital payments framework.
Visa will provide merchants with accessible and cost-effective tools to accept digital payments through methods such as smartphone-to-phone processing and QR code systems. This initiative aims to create a comprehensive payment network that equips entrepreneurs, small and medium-sized enterprises, and larger companies with modern financial tools, ultimately contributing to job creation and increased economic activity.
Strengthening Human Capital and Expanding Global Connectivity
Beyond technology, the partnership includes targeted investment in developing human capital. Visa will implement talent development and capacity-building programs and support local entrepreneurs in designing payment solutions built on secure platforms. These solutions will be connected to Visa’s regional and global fintech network, offering expanded avenues for integration.
CBS Governor Abdulqadir al-Husriya stated that Visa’s strategy “provides a clear path to accelerate modernization efforts, enhance transparency, and equip citizens and the business sector with the necessary tools to embark on recovery and growth.” He described the partnership as “the beginning of a new chapter of hope and opportunity for the Syrian economy.”
Visa’s Senior Vice President for the Region, Leila Sarhan, emphasized that a transparent and reliable payments system is essential for economic recovery and for building investor confidence. She noted that the partnership enables Syria to “move beyond the old, traditional infrastructure and directly to secure and open payment platforms.”
The agreement follows a series of negotiations, including a meeting between the bank and Visa’s CEO for Global Markets, Oliver Jenkin, in Washington last October. It also comes after CBS signed a memorandum of understanding with Mastercard in September for similar objectives. Collectively, these steps underscore Syria’s strategic commitment to expanding digital payments infrastructure and promoting financial inclusion despite ongoing challenges.
